Hastert Says Death Tax Repeal Will Pass House

House Speaker Dennis Hastert (R-Ill.) said Thursday that the repeal of the estate tax -- or so-called death tax -- will easily pass the House of Representatives, Reuters reported.

On Wednesday, Rep. Jennifer Dunn (R-Wash.) and Rep John Tanner (D-Tenn.) introduced as a bipartisan measure the Death Tax Elimination Act of 2001, which would phase out the tax over a ten-year period. Dunn had earlier reintroduced her own bill to repeal it.

The House Ways and Means Committee will hold a hearing March 21 to discuss how the potential repeal of the estate tax would affect President Bush's $1.6 trillion tax-cut proposal.

American Trucking Associations President Walter B. McCormick Jr. said in a statement that the ATA strongly supports repeal of the tax. He said that tax is a threat to the survival of many small, family owned trucking companies.

He also said if the tax remains, as many as one-third of the family run trucking companies may eventually have to be sold to meet tax liabilities. (Click here for the full McCormick statement.)

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